- PetroChina achieved its best first quarter earnings in seven years in 1Q 2021, which led to its stock price rising by +4.2% post-results announcement.
- However, PetroChina's strong 1Q 2021 financial performance was partially boosted by certain one-off factors, which might not be repeated in subsequent quarters.
- PetroChina's 2021 capital expenditure guidance seems low in relation to its output growth targets, and higher-than-expected capital expenditures could possibly lead to lower-than-expected dividends.
- The market values PetroChina at 8.8 times consensus forward FY 2021 P/E, and the stock boasts a consensus forward FY 2021 dividend yield of 7.6%.
For further details see:
PetroChina: Q1 2021 Earnings Boosted By One-Off Factors